Ashland to Sell Ingestibles Business to Mitsubishi.DUBLIN, Ohio Dublin is a city in Delaware, Franklin, and Union counties in the U.S. state of Ohio. The population was 31,392 at the 2000 census. In 2006, the population was estimated to be 36,565[1], and Dublin continues to be one of the fastest-growing suburbs of Columbus. -- Ashland Inc. (NYSE NYSE See: New York Stock Exchange :ASH) today announced it has signed an agreement to sell the ingestibles line of business of Ashland Distribution - which includes food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. additives and pharmaceutical actives and excipients excipients, n.pl all the constituents of a remedy that lack medicinal properties. See also adjuvant, auxiliary substance, and vehicle. - to Mitsubishi Corporation Mitsubishi Corporation (三菱商事株式会社 (MC). The transaction is expected to be completed by Dec. 31, 2004. Ashland Distribution will continue to service customers in the personal care and cosmetics industries. "The sale of the ingestibles business to Mitsubishi allows us to further sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp our focus on businesses that are central to our core business," said Hank hank n. 1. A coil or loop. 2. Nautical A ring on a stay attached to the head of a jib or staysail. 3. A looped bundle, as of yarn. Waters, president, Ashland Distribution. "The ingestibles line of business represents less than 4 percent of Ashland Distribution's total sales, and there is not much overlap between it and our other lines of business. We believe that the business, and its employees, will be much better off as part of an organization that has a strong commitment to this line of business." Mitsubishi Corporation is adding more resources to its established food ingredients business. Mitsubishi Corporation's food ingredient sales are nearly $500 million worldwide. Trading over $35 billion annually in foods and general merchandise, MC's food-related products are positioned as a core business. "We view this acquisition as a strategic opportunity to access more customers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and add value to our existing business," said Kenichiro Yagasaki, General Manager of Life Sciences Product Unit of Mitsubishi Corporation. Ashland and Mitsubishi also will enter into a transitional service agreement under which Ashland will continue to provide warehousing, customer service and select administrative support. In preparation for closing, both Ashland and Mitsubishi will manage a seamless transition with minimal disruption to suppliers, customers and employees. About Mitsubishi Corporation Mitsubishi Corporation is a trading and investment company engaged in a wide range of businesses, including information technology and electronics, energy, metals, machinery, chemicals and general merchandise. As one of the world's most diverse business enterprises, Mitsubishi Corporation works closely with its global clientele to develop new businesses through project coordination, sourcing of raw materials, capital investments and the development of sales and marketing channels. The company operates more than 200 offices in Japan and has more than 500 subsidiaries. In its 2004 fiscal year, Mitsubishi's total trading transactions were $146 billion and its net income was $1.1 billion. About Ashland Ashland Distribution, a division of Ashland Inc., is a leading distributor of chemicals, plastics, materials for composites, and environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, in North America. Ashland Distribution also is a leading Pan-European distributor of thermoplastics. Learn more about Ashland Distribution at www.ashdist.com. Ashland Inc. (NYSE:ASH) is a Fortune 500 transportation construction, chemicals and petroleum company providing products, services and customer solutions throughout the world. To learn more about Ashland, visit www.ashland.com. |
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